Lumiant – Values Centred Advice

Lumiant is responding to structural changes in the financial advice industry which threaten the viability of many practices. Tobias were engaged by Lumiant's founders to co-design a disruptive, multi-channel client experience which addresses pain points and gaps in the current way advice is delivered, codifies best practice across the advice journey, and provides engagement tools based on the latest insights from behavioural science, behavioural economics and emergent global trends in advice services. The aim was to launch a brand new SaaS enabled service within a year following a human centred process that engaged with investors, advice firms, clients and investors.

Following an iterative design process we co-designed, then validated an innovative service/product with the adviser community, their clients and prospects. We successfully launched a product in 9-months delivering a dynamic, values-based planning process and engagement platform that brings to life what really matters to clients, engages couples in a process that drives alignment and increases participation of women in financial planning. Lumiant advisers can actively engage clients in establishing actionable goals and co-design strategies to get there. The platform enables a continuous and valuable engagement process which critically underpins the regular advice recommendations and review processes between client and adviser.

The service presents significant value to three stake-holder groups: Lumiant; Advice Practices; Clients. Practices can drive scale and economic value by serving ~100% more clients and exceeding regulatory requirements with lower reporting overheads. Since launch in April Lumiant has signed 14 advice practices, 39 advisers, agreements for 900 households. We've secured ~600K seed-capital and $1.17M additional Equity Crowd funding. Lumiant's social impact is significant, driving financial inclusion for women and investment strategies that align to client's values and social concerns. Its appeal to millennial investors who prioritise values-based investing is driving higher levels of engagement for a previously underserved segment.

Lumiant addresses many of the biggest challenges facing financial planning businesses today. At the heart of the experience is the initial Values Conversation. Money conversations can be difficult, and are often cause for stress and tension in relationships. The Lumiant Your Values card game is key innovative design feature. Clients are taken through a process to uncover and align on values with their spouse so they are better able to make financial decisions based on what's important to them and the life they wish to live. Values-based financial advice redirects the focus from how much money is gained over time, to how to spend it in a way that creates a life the clients want. Repositioning the adviser as 'architect' rather than 'salesman'. Lumiant's 'Life-Centred Advice' process and software-as-a-service platform combine to exceed regulatory standards, drive consumer loyalty and advocacy, and increase profitability for advisers, whilst delivering a meaningful, personalised experience to the end client. Lumiant is the product of a robust human-centred design process which places people's needs at the centre of service design and state-of-the-art software engineering. Until now, Australian advisers have not had an aligned or consistent process for understanding client values. That's why Lumiant was created.